On 8 July 2016, the Netherlands Authority for the Financial Markets (Autoriteit Financiële Markten, AFM) launched another consultation on amendments to the Further Regulation on Conduct of Business Supervision of Financial Undertakings (Nadere Regeling gedragstoezicht financiële ondernemingen Wft, the Further Regulation). This consultation follows the consultation which took place in February 2016, which we discussed in a previous post.
On the basis of the responses to the February 2016 consultation on the proposed amendments to the Further regulation in respect of the segregation of client assets, the AFM has decided to not prohibit the use of a giro system (beleggersgiro) for the safekeeping of financial instruments. However, the AFM proposes to amend the name of the giro system (into depository (bewaarinstelling) and change the requirements which must be met by such depository. In addition, the AFM remains committed to allowing investment firms to safe keep and administer financial instruments in accordance with the rules of the Securities Giro Act (Wet giraal effectenverkeer).
The consultation is open from 8 July until 5 September 2016.
View the AFM’s new item (Dutch only), 8 July 2016.
View the proposed amendments to the Further Regulation (Dutch only), 8 July 2016.